Can I Do Owner Financing In North Carolina If I Have A Mortgage On The Property?

Do you have a house to sell? Perhaps you’re thinking about selling, and maybe you’re thinking about seller financing. But if you have a mortgage on your house, you might be wondering, “can i do owner financing in North Carolina if i have a mortgage on the property?” We get this question a lot so we decided to answer that question here… Keep reading in this blog post and we’ll answer that question and give you some strategies to move forward…

You have options

Homeowners who are thinking about selling have several options. They can list their home through an agent, or they can list it themselves, or they can sell directly to a buyer. And, many homeowners are discovering a simple strategy called “owner financing” or “seller financing” that allows them to sell their home to a buyer and collect regular payments that pay off the house:

The buyer pays a down payment

The buyer pays regular monthly payments

When the agreed-upon price is paid, the title reverts to the buyer

Homeowners love it because it’s a great way to sell and a great way to find even more buyers – including those who might not be able to get traditional bank financing. Home buyers love it because it means more choices for them and they don’t have to necessarily impact their credit score to get a house.

Seller financing with a mortgage

In some states, you can create something called a “wraparound mortgage” in which you extend a mortgage to a buyer (usually at a higher rate of interest) while still paying your own mortgage to the bank. However, this is not legal in all states and all situations, and there are additional clauses that you should be aware of.

Can I Do Owner Financing if I Have a Mortgage on the Property? – You have choices

If you’re unable to sell with seller financing because of a mortgage, you have other options…

An alternative that might work for you is called rent-to-own, which has some similarities (such as ongoing payment and you own the house) and some differences (there might not be a down-payment and the buyer needs to qualify for a mortgage from a bank at the end of the pre-established rental term).

If you are thinking about accepting owner financing but you still have a mortgage on your property, here’s another option for you: Get in touch with us and talk to us about your property. As experts in buying and selling real estate, we are aware of a number of options that you might not know about. We can walk you through those options and help you out ourselves or we can connect you with someone who can help you.

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I am a single mom with two little girls and the last thing I wanted to deal with was selling a property we had. BJ was amazing in explaining the process and very concerned with getting the right figures so they would be no surprises. He made me feel like an adult 🙂 🙂 🙂 Thk god for a service that helps instead of confuses you!!!

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We buy houses in ANY CONDITION in North Carolina. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property or call 919-887-8452...

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We buy houses in North Carolina. We are a local real estate solutions and investment company in Raleigh, NC that specializes in helping homeowners sell a house the easy way and fast in these areas: Wake County, Raleigh, Durham County, Cary, Apex, Holly Springs, Garner, Fuquay-Varina, Clayton, Knightdale, Wake Forest, Wendell, Zebulon, Rolesville, Johnston County, Franklin County and all surrounding areas. We are local cash home buyers, real estate investors, and problem solvers who can buy your house fast with a fair, all cash offer.